This week the Minneapolis Area Association of REALTORS released its latest Housing Affordability Index (HAI) figure for the Minneapolis/St. Paul Metro Area showing that home affordability has risen dramatically from its lows. At its low in July 2006, the index was at 125. For December 2006 this number had risen all the way to 140. An HAI of 140 means the median family income is 140% of the necessary income to qualify for the median priced home using a 20% downpayment, 30-year fixed rate mortgage. Since MAAR … [Read more...]
Minneapolis/St. Paul Housing Affordability Hits Highest Level Since July 2005
January 10, 2007 by Leave a Comment
Edina Realty Releases Sold Property Search
December 4, 2006 by Leave a Comment
On Monday December 4th, Edina Realty released a new search tool which lets consumers search the last two years' worth of sold properties as reported to the RMLS of Minnesota. To search for homes that have sold in the last two years, click here. Beginning today the RMLS is now permitting agents and brokers to display basic information about listings that have sold in the last two years on their web sites. Up until this point consumers were only permitted to view listings that were currently for sale and … [Read more...]
The Holiday Home Buying Guide
November 24, 2006 by Leave a Comment
The period between Thanksgiving and New Year's is typically the slowest time of year for home sales and this year looks to be the same. While most consumers are looking to the great deals at stores, for those that are also looking to buy a houses, they don't see that this is also the best time of year to get a good buy on a home too! This time of year, most sellers have been on the market for several months (or much longer!) and are growing weary from showings (or lack of them) and are frustrated with the slower … [Read more...]
Housing Starts Down 49% – This is Great News!
October 4, 2006 by Leave a Comment
In September, Twin Cities home builders were issued 49% fewer permits for 48% fewer units. This marks a substantial deceleration of the new construction market in the Twin Cities area. This is excellent news for the local market! Why am I so elated with what appears to be bad news? While this does signal a significant slowdown for builders, this slowdown in activity will help moderate the increasing inventory in our market. I've included a page from a recently published MAAR report which shows the months of … [Read more...]
Buyers: Now is the Time to Buy
September 27, 2006 by Leave a Comment
As we are nearing the end of 2006, we find housing inventory at record levels and interest rates holding steady just above 6%, down nearly 1/2 percent from its highs this summer. This has placed buyers in an excellent position to find the perfect home and cash in on what are still historically low interest rates. Cheryl Stuntebeck, Edina Realty Mortgage, had this to say about the mortgage market: "While interest rates are .75% higher than they were at their lows in 2005, the current 6.1875% rate on a 30 … [Read more...]
September 2006 Market Statistics for Minneapolis/St. Paul
September 8, 2006 by Leave a Comment
SEPTEMBER 2006 CURRENT RMLS STATISTICS MARKET UPDATE 80 Average days on market 43% More listing on the market than 1 year ago totaling 60663. 41% Of the inventory that has sold in last 30 days has had a price adjustment 5.3 Months Absorption Rate=the time it would take for all the listings to sell if no more homes were put on the market 8 For every sale that takes place, there are 6 more homes that haven't sold 18 Showings for every home that sells (From … [Read more...]
August Market Statistics
August 25, 2006 by Leave a Comment
The Minneapolis Area Association of Realtors released its new version of the weekly report recently and I love all the new data and breakouts by price and style. It really helps you look into the data further to see what's happening on a sector-by-sector basis. Here's this week's report: MAAR Weekly Statistics - August 21, 2006 While these numbers are great, it can also be helpful to look at the market as a whole in summary: AUGUST 2006 CURRENT RMLS STATISTICS MARKET UPDATE 69 Average days on … [Read more...]
Prices Are Officially Flat
August 25, 2006 by 1 Comment
As we near Fall in the Twin Cities, we've now entered a new stage in the housing market we have not seen for many years: the Average Selling Price is now unchanged from last year at this time. In recent years we have seen a large runup in Average Sales Price during the spring and summer months. This year was marked by much smaller gains, which has lead to us "catching up" with last year's price. While this means that sellers cannot expect any appreciation in their home over last year, it also means for … [Read more...]
Mortgage Rates Take a Dip
August 1, 2006 by Leave a Comment
Over the last several weeks the rates Ive seen quoted from my loan officers have dropped from 6.75% to 6.375%. On a loan of $200,000 that can save about $60 per month, or give you approximately $8000 more buying power for the same monthly payment. While this rate drop is a pleasant surprise, buyers should not expect it to continue to drop or to stay this low for very long. Most professionals in the industry expect rates to resume their slowly upward climb and reach 7% near the end of the year. Think of … [Read more...]
Golden Valley Proposes Property Maintenance Code
July 31, 2006 by Leave a Comment
At its August 15, 2006 meeting, the City Council will formally consider adopting exterior property maintenance standards for one- and two-family homes (eg, roofs, walls, and windows would be required to be in good repair). Property maintenance issues are high on the list of City Council goals for the community. City staff takes about 40 property maintenance complaints each month, and due to the age of Golden Valleys housing stock, that number is expected to escalate. Click here to read more about the proposal … [Read more...]
